Brooks Macdonald has largely traded sideways since topping out at a record high of £18.09 in early March.

On a trailing price-to-earnings basis the company trades at a 6.6% premium to its peer group on a multiple of 21 times versus 19.7 times. On a price-to-book basis it sits at a 47.7% discount however, at four times versus 7.6 times.

Liontrust is a long-term shareholder in the business having bought into its initial float in 2006 at a price of £1.50. The company only really began ratcheting up their exposure in 2012, however.

Speaking to Wealth Manager at the time, Cross said: ‘[Brooks] has a very good track record of organising growth and everything I hear about the way the run their offices is very strong.’

‘It deals with customer relationships in a very good way, a strong brand and is rolling out its network. It has been a very profitable investment for us.'

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